Ace Your Dissertation Writing With Crowjack

How to Write a Dissertation: A Step-by-Step Guide

Writing a dissertation is a significant academic milestone that requires careful planning, research, and execution. Whether you're a master's or PhD student, following a structured approach can make the process smoother and more manageable. Here’s a step-by-step guide to help you craft a well-researched and compelling dissertation.

Step 1: Brainstorming and Selecting a Topic

Step 2: Crafting a Dissertation Proposal & Outline

A Dissertation Proposal (DP) is a mandatory step before beginning your research. It acts as a blueprint for your dissertation, outlining the research problem, objectives, methodology, and expected contributions. Most universities require an approved proposal before allowing students to proceed with their dissertation. Crowjack’s professional academic writing team helps students craft well-researched, persuasive dissertation proposals. We ensure your proposal is academically sound, methodologically robust, and aligned with university guidelines. Whether you need guidance, revisions, or a complete proposal draft, our experts simplify the process, giving you a strong foundation for your dissertation.

Key Components of a Dissertation Proposal

Step 3: Writing a Powerful Dissertation Abstract

An abstract is the first thing your readers, advisors, or potential publishers will see, making it a crucial element of your dissertation. It serves as a concise summary of your research, highlighting the key aspects of your study, including its purpose, methodology, findings, and conclusions. Our experts craft compelling and academically sound abstracts that align with university standards and capture the essence of your dissertation effectively. Whether you need a structured abstract (with subheadings) or an unstructured one, our expert writers ensure clarity, coherence, and engagement.

Step 4: Crafting a Strong Dissertation Introduction

The introduction is the foundation of your dissertation, setting the stage for your research. It presents the background, research problem, objectives, and hypothesis, helping readers understand the scope and significance of your study. A well-structured introduction ensures your dissertation has a clear direction and aligns with academic expectations.

We carefully design introductions that seamlessly connect with your dissertation topic. We select a novel research focus, define a strong aim and objectives, and formulate a hypothesis that aligns with your dissertation type, whether it’s experimental, theoretical, or case-based.

Step 5: Writing a Comprehensive Literature Review

A literature review is a critical analysis that establishes your dissertation’s foundation. This section demonstrates your understanding of the existing knowledge, identifies gaps, and shows how your study contributes to the field. We craft literature reviews that are thorough, well-organized, using journals, books, and credible academic sources to ensure your review is backed by the latest studies. Our approach involves categorizing research trends, comparing theories, and identifying research gaps, ensuring that your dissertation stands out.

Step 6: Crafting a Strong Methodology Chapter

The methodology chapter is the backbone of your dissertation, detailing the research design, data collection, and analysis techniques you use to answer your research questions. We write methodology sections that align perfectly with your research type, whether qualitative, quantitative, or mixed-methods. We ensure that every methodological choice is justified, well-reasoned, and academically sound, following university standards and research best practices.

Step 7: Presenting and Analyzing Results

The results chapter is where your research comes to life. This section presents your findings, statistical analyses, and key observations, providing answers to your research questions. Whether your study is quantitative, qualitative, or mixed-methods, the results should be clear, structured, and supported by evidence. We integrate graphs, tables, charts, and figures to enhance clarity and make complex data more digestible.

Step 8: Discussion & Conclusion - Interpreting and Concluding Your Research

The Discussion and Conclusion chapter is where your research comes to an end. It’s not just about summarizing results—it’s about interpreting them, connecting them to the research question, and explaining their implications. This section is critical for demonstrating how your findings contribute to the field and what future researchers can build upon. We critically analyze findings, compare them with existing literature, and highlight the broader impact of your research.

Step 9: Reference List – Citing Sources with Accuracy

A well-structured Reference List is crucial for ensuring your dissertation meets academic integrity standards. This section provides a complete list of all sources cited in your research, ensuring proper credit to original authors and allowing readers to verify your references. We ensure your reference list is formatted correctly, adheres to the required citation style, and includes all necessary details for seamless verification.

The effect of financial crisis on Islamic bank 2008

Abstract

The research investigates how Islamic banks handled the effects of the 2008 global financial crisis by examining their ability to withstand adverse conditions and the methods they used to manage the uncertain economic period. The subprime mortgage crisis in the United States triggered a global financial crisis that caused extensive bankruptcies and global market weakness and a major credit shortage combined with worldwide employment deficits. Islamic banks demonstrated exceptional resistance throughout the economic crisis as they avoided toxic assets and specifically mortgage-backed securities. Research have revealed that Islamic financial principles help explain the bank sector's resilience as these principles both limit interest-based deals and promote moral investment which decreases market exposure to speculative assets. Islamic banking institutions kept extra capital reserves and used asset-based funding requirements to reduce market sensitivity in their operations. The study outlines multiple strategic approaches Islamic banks implement through better risk practices and expanded funding sources combined with advanced governance structures. Further to this, the findings highlighted that future financial challenges require all financial institutions to establish proactive strategies for risk assessments followed by strong liquidity management and technological advancement to increase their resistance against financial challenges. This research delivers essential insights regarding the stabilization potential of Islamic banking models in financial systems as well it recommends guidelines for authorities and banking institutions to promote financial resilience across the complete framework.

Chapter 1

The financial crisis of 2007-2008 stands as one of the most significant economic downturns of the 21st century and is the most severe since the Great Depression of 1929. It is characterized as a situation where the value of assets plummets due to the inability of consumers and businesses to repay debts, leading to liquidity shortages (Claessens & Kose, 2013). Commonly referred to as the global financial crisis (GFC) or subprime mortgage crisis, the turmoil originated from severe liquidity constraints in global markets, significantly influenced by the U.S. housing sector. The crisis was fueled by cheap credit and lax lending standards prevalent in the U.S. financial landscape, initiating a housing bubble that ultimately inflicted losses on financial institutions globally (Duignan, 2023).

In the U.S., lenders recklessly extended significant loans without adequately assessing borrowers' repayment capabilities (Reserve Bank of Australia, 2023). This irresponsible behavior stemmed from increased competition, misguided perceptions of mortgage-backed securities (MBS), and a favorable economic environment. Additionally, the lack of robust regulations on subprime lending and investment in MBS encouraged excessive speculation by banks and investors in U.S. real estate.

Fraudulent activities proliferated during this time, with borrowers frequently overstating incomes or assets to secure loans, amplifying the number of defaulted loans contributing to the financial crisis (Reserve Bank of Australia, 2023). Investors, including U.S. and foreign banks, mistakenly viewed MBS as secure investments, leading to increased borrowing for asset purchases. However, the abrupt drop in U.S. housing prices created considerable risks, resulting in substantial financial losses for those invested in real estate. A strong correlation between declining house prices and rising loan delinquencies emerged, indicating that as housing values fell, so too did borrowers' ability to repay loans (Bettes, 2022). This contraction in financial flow, marked by surging debts and mortgage-related losses, precipitated widespread financial strain, especially among lenders and investors.

Consequently, numerous economies faced recessions, resulting in about 30 million job losses globally, with unemployment rising to approximately 3% from 2007 to 2010 (Rodini, 2022). The crisis led to increases in unemployment and suicide rates, alongside decreases in institutional trust and fertility.

The financial turmoil profoundly impacted international trade and the economies of numerous countries, with foreign banks also heavily invested in MBS products. Between 2008 and 2009, global trade fell by nearly 15% (Rodini, 2022). Many financial institutions, including several major investment banks and commercial banks, declared bankruptcy due to crippling financial losses. Europe was not spared, experiencing a housing bubble that resulted in countries like Denmark, Spain, Ireland, and Iceland losing about 40% of their total investment value. Many European nations resorted to bailouts for struggling banks, while Greece declared a financial emergency, emphasizing the crisis's widespread effects.

In contrast to the turmoil experienced by most financial institutions, Islamic banks displayed notable resilience during the global financial crisis (Samad, 2018). The crisis positively influenced trust in Islamic banks, highlighting the importance of examining how financial crises affect these institutions. This study primarily investigates the impact of the global financial crisis on financial institutions with a particular focus on Islamic banks. Moreover, it explores the fundamental factors that led to the crisis and the strategies employed by institutions to navigate these challenges.

Aim and Objectives

The primary aim of this study is to evaluate the effect of the 2008 global financial crisis on Islamic banks. The specific objectives of the study have been designed to effectively address this aim:

• To analyze the resilience of Islamic banks during the financial crisis.
• To investigate the strategies that Islamic banks employed to mitigate the impact of the crisis.
• To recommend strategies for financial institutions to enhance their resilience against future crises.

Research Question

The following research questions will be examined:

• RQ1: How did the global financial crisis impact Islamic banks?
• RQ2: What strategies were adopted by Islamic banks to address the crisis?
• RQ3: What measures can financial institutions implement to improve their resilience during financial crises?

Significance of the Research

The financial crisis affected all financial institutions globally yet Islamic banks demonstrated strong resistance to the crisis according to (IMF, 2010). The research investigates how the crisis impacted Islamic banks and what strategies they adopted to adapt. The study provides important knowledge that helps financial institutions and their stakeholders recognize the fundamental reasons behind financial crises. The research recommendations will assist firms in developing suitable strategies to reduce future risks. Overall this study on “The effect of financial crisis on Islamic bank 2008” aims to add value to existing literature through its targeted assessment of Islamic banking operations during the crisis period for practical use by academic and industry professionals.

1.4 Structure of the Report

Chapter 2

Introduction to the Chapter

Theme 1: Overview and Contributing Factors of the Global Financial Crisis

According to (Johnstone et al., 2019) the global financial crisis (GFC) of 2007-2009 was one of the severe downturns financially since the Great Depression. A financial crisis is when assets lose value suddenly or financial institutions run out of liquidity and consumers or businesses cannot pay their debts (Batuman, Yildiz and Karan, 2021). (Johnstone et al., 2019) mentioned the GFC started from the US subprime housing market and then spread globally. The author mentioned that its impact was particularly severe in Asia and Europe and growth rates declined and major economic restructuring was needed.

It started in early 2000s when US housing market flourished due to favorable lending conditions (Duca, 2013). (Gertler & Gilchrist, 2018) mentioned that a number of people/individuals bought homes with easy loan and credit and rising housing prices. But when housing prices started to decline in 2007-2008, affordability issues emerged and many borrowers were exposed to default especially those with subprime mortgages (Gertler & Gilchrist, 2018).

One of the main causes of the Global Financial Crisis (GFC) was the expansion of subprime mortgages which are home loans given to people with poor credit histories (Tori, Caverzasi and Gallegati, 2023). The initial rise in housing prices seemed unstoppable but when interest rates rose and housing prices declined many borrowers found themselves unable to pay their mortgages (Duca, 2013). As (Ramcharan et al., 2016) mentioned, major financial institutions that invested in mortgage backed securities suffered huge losses as housing values declined. So this environment led to the failure of high profile investment banks like Bear Stearns and Lehman Brothers and revealed the systemic risk in the financial system (Ramcharan et al., 2016).

According to (Yang, 2023) the GFC was global and caused a liquidity crisis in financial institutions. (Cole, 2017) specified that the global financial system is fragile and sensitive to political, social and environmental factors. The combination of these pressures resulted to a large decline in trade and consumption worldwide and some economies experienced negative growth for the first time in decades (Cole, 2017).

The housing market bubble that was the main cause of the GFC was driven by a number of factors (Ghani, 2014). A study by (Afxentiou et al., 2022) found that the bubble was increased by low interest rates and lax regulation that allowed significant borrowing. The author mentioned that this environment led financial institutions to invest in mortgage products, mistakenly viewing them as low-risk assets. According to (Afxentiou et al., 2022) as housing prices continued to rise, many investors became reluctant to invest in mortgage-backed securities, failing to adequately recognize their inherent risks.

When housing prices dropped in 2008, as noted by (Duffie, 2019), financial institutions and investors suffered tremendous losses, revealing the vulnerabilities created by excessive lending to high-risk borrowers. In this regards, (Thakor, 2015) further mentioned that when housing prices fell, those borrowers couldn’t pay their mortgages which eventually resulted in widespread defaults. The impact of the defaults amplified the crisis and showed how vulnerable the system was (Thakor, 2015).

In addition to excessive lending practices, (Legg and Harris, 2009) mentioned that the rise of complex financial instruments played a significant role in the GFC. During this time, financial institutions bundled mortgages into mortgage-backed securities (MBS) and collateralized debt obligations (CDOs), which were traded globally without thorough risk assessments (Legg and Harris, 2009). Practices characterized by high levels of leverage and aggressive investment strategies ultimately left many firms ill-prepared for the downturn (Thakor, 2015).

Another critical perspective on the crisis was presented by (Clapp, 2017), who pointed to a lack of transparency in the financial system concerning the complexities and risks associated with these financial products. The author further mentioned that Credit rating agencies failed to accurately assess the risk of mortgage-backed securities, exacerbating the issue as investors relied on misleading ratings. Some institutions even engaged in unethical practices by misrepresenting asset quality or failing to disclose inherent risks to their investors, which further complicated the crisis (Clapp, 2017).

Apart from this, the study of (Gertler & Gilchrist, 2018) stated that Regulatory deficiencies significantly contributed to the crisis as well. The author further highlighted that regulatory bodies did not effectively oversee the financial industry, allowing risky practices to proliferate. Deregulation and the weak enforcement of existing laws amplified the crisis by facilitating increased risky behaviors across financial institutions (Gertler & Gilchrist, 2018). Many took advantage of regulatory loopholes to engage in off-balance-sheet transactions, which contributed to the financial chaos (Gertler & Gilchrist, 2018).

The interconnected nature of global finance further amplified the effects of the crisis. (Cooper & Nikolov, 2018). The author further specified that that financial institutions worldwide were interlinked through complex transactions and interbank lending. This interdependence meant that when one institution or country faced difficulties, the repercussions would swiftly extend to others, ultimately leading to a global economic recession (Cooper & Nikolov, 2018).

Theme 2: Impact of global financial crisis on global economy

Further, the impact on stock markets was severe, with (Gertler and Gilchrist, 2018) noting sharp declines as investor confidence waned. Major indices, including the Dow Jones Industrial Average, plummeted, leading to significant decreases in wealth and economic activity (Gertler and Gilchrist, 2018). The author also demonstrated that in response to prevent a complete collapse, governments and central banks intervened with measures aimed at stabilizing the financial system. Bank bailouts, liquidity injections, interest rate cuts, and fiscal stimulus packages were implemented to restore confidence and support a pathway to recovery (Gertler & Gilchrist, 2018). In addition to this, (Johnstone et al., 2019) observed that the late 2000s financial crisis led to a profound global recession characterized by negative GDP growth, rising unemployment rates, and stagnant wages across numerous countries. Although all countries felt the impact, the severity and duration of the recession varied significantly, with some nations taking several years to recover (Johnstone et al., 2019). The author also defined that the crisis also resulted in changes to financial regulations, making loan processes more stringent. In agreement, (RAMCHARAN et al., 2016) reported that governments and international organizations enacted reforms designed to strengthen regulatory frameworks. Enhancements in risk management practices and stricter capital requirements for financial institutions were part of this response (RAMCHARAN et al., 2016). Notable examples included the Dodd-Frank Act in the United States and the Basel III framework designed to reinforce international banking standards (RAMCHARAN et al., 2016).

The global financial crisis of 2008 had significant effects that resonated far beyond the United States, impacting economies around the world (Reserve Bank of Australia, 2009). In this regard, (Kim et al., 2018), the downward trend in housing prices that began in 2006 made it increasingly challenging for subprime borrowers to keep up with mortgage payments, leading to a rise in defaults and foreclosures. The growing number of defaulters accelerated a downward spiral in the housing market that precipitated a financial downturn (Kim et al., 2018). The author also stated that major financial institutions, including Lehman Brothers, Bear Stearns, and Merrill Lynch, suffered substantial losses due to their exposure to risky subprime mortgages and complex securities.(Adelino et al., 2015) conducted a study and exemplified that many institutions collapsed during the crisis, while others required government bailouts or were acquired by more stable firms to mitigate further damage to the financial system. The interconnectedness of the global banking environment meant that losses in one institution or country quickly spread to others across the globe (Adelino et al., 2015). Further, the author mentioned that the crisis led to a credit crunch, making it difficult for businesses and individuals to access credit, thus decreasing spending and investment opportunities.

In addition, (Essers, 2015) conducted a study and elaborated that the economic downturn and the costs of addressing the crisis created significant fiscal challenges for governments worldwide. Supporting this aspect, (Alesina et al., 2019) noted that many countries were forced into implementing austerity measures to reduce budget deficits, leading to reduced government expenditures and increased taxes. Such measures often had adverse social and political consequences, further complicating the economic landscape (Alesina et al., 2019). Further, (Johnstone et al., 2019) also described that the far-reaching effects of the global financial crisis caused a decline in consumer and investor confidence, resulting in less business investment and sluggish economic growth. The crisis disproportionately affected vulnerable households, worsening income inequality and wealth disparities in many nations (Johnstone et al., 2019). As well, (Thakor, 2015) emphasized that the crisis triggered a substantial worldwide recession, which significantly contracted economic activity in multiple nations. The Gross Domestic Product (GDP) suffered declines, and businesses faced reduced demand, leading to rising unemployment across the board (Thakor, 2015).

Apart from this, (Jiang, Yu and Hashmi, 2017) conducted a study and mentioned that the chaos within the financial markets was palpable, as stock markets around the world plummeted, further eroding investor confidence. In this context, (Culp & Neves, 2017) illustrated that the interbank lending market virtually froze, exacerbating the credit crunch. Many financial institutions teetered on the brink of insolvency; notable examples included Lehman Brothers in the United States and Northern Rock in the United Kingdom, which filed for bankruptcy (Culp & Neves, 2017). The author then explained that those that survived often turned to government bailouts or were forced into mergers, compounding the instability in the banking sector and significantly hindering economic recovery. In a further study conducted by (Cardaci, 2018), the author mentioned that in the face of this crisis, governments and central banks around the world implemented various measures to stabilize the financial system. These interventions, which included bank bailouts, liquidity injections, and interest rate reductions, were essential for averting a complete financial collapse (Cardaci, 2018). The author then demonstrated that these responses also led to increased public debt burdens and a sharp rise in unemployment rates (Cardaci, 2018).

Further to this, (Gawande, Hoekman and Cui, 2015) conducted a study and illustrate dthat International trade and global supply chains were also heavily influenced by the crisis. In support of this context, (Horner, 2017) specified that consumer demand fell and credit tightened, causing global trade volumes to contract and export-oriented economies, particularly those reliant on manufacturing and commodities, to suffer. Supply chain disruptions arose as companies struggled to access credit, secure inputs, and transport goods (Horner, 2017). In addition to this, (Boukhatem & Ben Moussa, 2018) conducted a study and elaborated that the financial crisis prompted governments to confront escalating debt burdens stemming from increased spending on intervention measures. The reduction in incomes and corporate profits led to declining tax revenues, necessitating stringent measures like spending cuts and tax increases (Boukhatem & Ben Moussa, 2018). The author also explained that although these strategies aimed to restore fiscal stability, they often had adverse effects on economic growth and social welfare.

Theme 3: Strategies implemented by the financial firms for reducing the impact of global financial crisis

As per (Bernanke, 2013), the global financial crisis of 2008 had a profound impact on the financial sector, with widespread job losses, reduced consumer spending, and significant declines in stock markets worldwide. As the crisis unfolded, financial institutions around the world implemented a wide range of strategies to mitigate its effects and navigate the increasingly challenging economic climate (Bernanke, 2013). In this regard, (Gruber & Kamin, 2015) conducted a study and demonstrated that financial firms concentrated on reestablishing their capital positions and reinforcing their balance sheets. The primary objective behind these measures was to augment their capital reserves, enhance their capacity to absorb losses, improve their solvency ratios, and reinstate investor trust (Gruber & Kamin, 2015). Further to this, (Gruber & Kamin, 2015) described that one of the key strategies employed by financial firms during this period was to raise additional capital through methods such as equity issuances, rights offerings, or private placements. This allowed them to enhance their capital reserves and improve their financial stability (Gruber & Kamin, 2015). As well, (Alexakis et al., 2019) illustrated that financial firms implemented cost-cutting measures to reduce their overhead expenses and improve their profitability in a challenging economic environment. Measures such as streamlining operations, trimming non-essential expenses, and reducing workforce through layoffs or attrition were implemented to minimize losses and improve financial resilience (Alexakis et al., 2019). In addition to these measures, (Alexakis et al., 2019) conducted a study and mentioned that financial firms also focused on enhancing operational efficiency and reducing overhead costs. This was achieved by implementing robust risk assessment models, refined stress testing methodologies, and enhanced liquidity risk management (Alexakis et al., 2019). The author also elaborated that compliance and internal control functions were also strengthened to ensure adherence to regulatory requirements and mitigate future risks. As a result, financial institutions were better equipped to navigate the crisis and minimize its impact on their operations (Alexakis et al., 2019).

Apart from this, (Allen et al., 2018) conducted a study and exemplified that another critical strategy employed by financial firms during this period was to restructure their asset portfolios. This involved evaluating their investment portfolios and making strategic decisions to divest or wind down underperforming or high-risk assets (Allen et al., 2018). The author also explained that this allowed financial institutions to minimize exposure to troubled sectors and enhance the overall quality of their asset portfolio. By diversifying their risk and expanding into new markets or product lines, financial firms were able to reduce their dependence on a single line of business or geographic region (Allen et al., 2018). Further to this, (Ozili, 2018) conducted a study and illustrated that maintaining strong relationships with clients was also critical for financial firms during this period. As consumers lost faith and trust in the financial sector, financial institutions prioritized transparent communication and provided regular updates on market conditions and their financial health (Ozili, 2018). The author also described that relationship managers worked closely with clients to address concerns and offer tailored and personalized solutions to mitigate the impact of the crisis. This helped to maintain customer loyalty and reduce the risk of client defections (Ozili, 2018).

Lastly, (Monferrer-Tirado et al., 2016) conducted a study and demonstrated that collaboration and strategic partnership strategies were also adopted by financial firms to strengthen their position and access additional resources. By establishing alliances with other firms and engaging in joint ventures or strategic investments, financial institutions were able to leverage synergies, share risks, and enhance their overall stability and competitiveness (Monferrer-Tirado et al., 2016). The author then described that these collaborative efforts allowed financial firms to improve their ability to navigate the crisis and minimize its impact on their operations.

Research Gap

The 2008 financial crisis caused major disruptions in global financial institutions, leading to economic recession in the worldwide economy. Existing literature show that the global financial crisis began in the US mortgage market before spreading to international economies. The financial crisis received several explanations, including a decline in US home values and inadequate lending standards (Duffy, 2019). The worldwide economic recession affected countries through several aspects, including rising unemployment as well as monetary losses and massive withdrawals from bank service and monetary shortages and negative GDP expansion and devaluation of the stock market (Gertler and Gilchrist, 2018).

The businesses adopted different methods to minimize financial impacts during the global financial crisis so they could survive in their markets. The strategies for dealing with the crisis include enforcing strict loan regulations along with collaboration between organizations and financial institutions and risk management implementation. From the review of the literature it is observed that there is extensive research that highlights the impact of the global financial crisis (2008) on financial institutions.

The literature also discusses the measures adopted by financial institutions to mitigate the adverse effects. There is a lack of documentation and evidence on the impact of the financial crisis on Islamic banks and how resilient the banks were to the crisis. To fill this gap, qualitative research will be conducted in this study to fill the research gap by analysing the impacts of the global financial crisis on Islamic banks. The research examines the resilience of Islamic banks during the financial crisis and reveals the strategies implemented by them to manage it.

Chapter 3: Research Methodology

Introduction To the Chapter

In this chapter the elaboration will be on the methods of data collection, analysis and interpretation. Throughout the research process several deliberative steps have been taken to decide on the methods of data collection and the philosophical paradigms and approaches to be used. This section will discuss the philosophies, strategies and methods needed to achieve the research objectives. Also a justification for the chosen methods will be provided to explain why they are suitable for this study. In making methodological decisions particular attention will be paid to the research topic “The Impact of Financial Crisis on Islamic Banks in 2008” and the specific objectives of the study. Methods of data collection and analysis will be explained in the sections below:

Research Philosophy And Approach

As per (Mauthner, 2020), academic study requires research philosophy as an essential component because it defines the core beliefs and principles which support research activities. The study includes both ontological and epistemological perspectives that deal with understanding what we know and the ways to gain that knowledge (N. K, 2015). The three fundamental research philosophies that derive from ontological and epistemological foundations consist of positivism, interpretivism and pragmatism. The three research paradigms present separate perspectives about reality since positivism claims that one objective reality exists for scientists to understand. According to interpretivist principles multiple realities exist and researchers can identify these realities through examining subjective human experiences (N. K, 2015). Pragmatism grants researchers freedom to select any suitable methodology which helps them accomplish their study aims.

This research adopts interpretivism as its philosophical approach to conduct subjective analysis of the research problem. The research adopts this approach because the research goals present subjective characteristics. The main research goal investigates financial institution resilience especially among Islamic banks during financial crisis periods using existing study interpretations (Žukauskas et al., 2018). The research adopts interpretivism to discover the tactical approaches Islamic banks use when dealing with financial crisis effects.

Further to this, the research design follows a deductive approach for its methodology. The research approach consists mainly of inductive and deductive research approaches. Research approaches based on the inductive method function in scenarios with scarce or nonexistent data about a specific phenomenon thus requiring experimental observations for gathering information (N. K, 2015). On the other hand, the deductive approach must be used to examine existing theories while the research questions need verification for their validity through analysis. This research will use the deductive methodology to explore global financial crisis theories and information which will answer the research questions.

The study employs deductive analysis but also uses the inductive method to explore previous author works which reveal Islamic bank strategies used during the crisis. The identified strategies will provide recommendations that help financial institutions prepare for upcoming crises.

Research Methodology

Research methodology uses systematic procedures to determine how researchers will acquire and process data about their research topic when answering research questions (Kumar, Mangla, and Kumar, 2022). The research will select suitable research methods to steer data collection decisions and analysis procedures. The research aims and objectives can be achieved through three main research methods including qualitative, quantitative and mixed methodology. Different methods for data collection and analysis exist under research methods while distinct forms of data can be obtained through these methods. Qualitative research collects and analyzes non-numerical data known as qualitative data (Davidavičienė, 2018). The qualitative studies collect data through interviews, open ended surveys and published data sources. On the other hand, the quantitative research methodology works with numerical data acquisition and processing methods during its assessment. Quantitative research deploys closed ended survey, experimentation and statistical analysis for data collection and analysis together with the mixed methods approach which combines qualitative and quantitative research tools (Kumar, Mangla, and Kumar, 2022). With this aspect, the qualitative research methodology has been selected for this study to gather descriptive non-numerical data which will help answer the research questions.

Qualitative research methods proved suitable because they enable researchers to understand existing literature about the research problem which leads to generalized conclusions. The qualitative research method will focus on a literature review that collects published studies about the global financial crisis and separate financial crises from 2008 to evaluate Islamic bank resilience. The examination will help identify the strategic approaches Islamic banks applied to handle the global financial crisis (Mohajan, 2018).

Data Collection

The research will gather qualitative data through the analysis of existing published literature and secondary data sources. A diverse set of secondary data sources composed of journals, research articles, review articles and academic literature among others will be collected. The published literature will be extracted through the combination of Elsevier along with ResearchGate, Springer, Wiley online library and Google Scholar databases. The secondary data search will rely on keywords that reflect the research problem, as specified by (Sutton and Austin, 2015). The keyword-based approach to literature searching requires to execute multiple steps starting from identifying keywords and terms and progressing to locating synonyms and subject headings that lead to the formulation of search strings. A list of essential research terms has been established to conduct database searches which include “financial crisis” alongside “global financial crisis” as well as “banks”, “financial firms”, “Islamic banks” and “subprime mortgage crisis”, and so on. The search terms identification process leads to subject headings and synonym identification for the research topic (Mazhar, 2021). A search string was built through incorporating Boolean operators that involved different operators such as 'AND', 'OR' and 'NOT' to combine keywords.

The following search string will be used in the study for searching the secondary data:

“((((((((global financial crisis) AND (financial crisis of 2008)) AND (subprime mortgage crisis)) AND (Impact of crisis on banks)) AND (financial institutions)) AND (Islamic banks)) AND (resilience)) AND (Resilience strategies)) AND (Resilience of Islamic banks towards crisis)”

The formulated search string will allow retrieval of secondary data from selected databases. An inclusion exclusion framework will be applied to secondary data searches to ensure the collection of relevant and credible information (Snyder, 2019). The inclusion and exclusion criteria contain rules and principles that specify publication year requirements as well as publication type and language and contextual conditions of the studies. The research incorporates published studies that use the English language and appear after 2015. Only journals together with research articles and review articles and other reliable literature will be utilized for the investigation while omitting all forms of gray literature like blog articles. The research will use academic information from journals approved by the 2021 finance journals and academic journal guide. The research adopts studies that investigate the financial crisis together with its bank effects and resilience methods (Peel, 2020).

Data Analysis

The analysis of data stands as a fundamental research step which helps researchers determine study answers through examination of gathered information and data. Qualitative research offers several data analysis methods such as , narrative analysis, content analysis, thematic analysis and grounded theory analysis (Javadi & Zarea, 2016). Thematic analysis serves as the chosen analytical technique for this research study as it enables to identify recurring patterns and themes to conduct the analysis. The data analysis will follow Braun & Clark's thematic analysis framework with its six defined steps as defined by (Smith, 2015). The core process of thematic analysis requires researchers to engage in familiarization of data followed by code generation and theme identification for conducting the analysis. This process continues with theme review and ends by finalizing themes to generate reports. This research analyzes the identified themes in depth throughout the following sections:

• Step 1: Familiarizing With Data - The initial thematic analysis stage requires deep reading of gathered data to achieve familiarity with the information. Notes will be garnered while reading the gathered data for better data categorization.
• Step 2: Generating codes - The collected data will undergo a process of grouping small information segments to establish data organization. Data organization will proceed by collecting similar types of information into distinct groups to enable easier identification of recurring patterns.
• Step 3: Finding themes - The third step of theme identification requires analyzing small portion of data to discover hidden patterns together with emerging themes. The step will result in a compilation of developing list of themes.
• Step 4: Reviewing themes - A review of the created theme list will help determine its suitability for the study as well as its ability to address research questions. Analysis of the prepared list will determine if themes are sufficient for the study while checking if they answer the research questions.
• Step 5: Finalizing themes - In finalizing themes, the research will identify the study's final themes when they have verified uniqueness between themes and their ability to respond to research questions.
• Step 6: Generating reports - Lastly, data analysis activities will be conducted in the developed themes when preparing the final report (Javadi & Zarea, 2016).

Ethical, Legal, Social, And Professional Considerations

Ethical Considerations - The research depends on ethical standards which demand absolute honesty during data collection and analysis and findings reporting. Researcher independence and respect for subject dignity stand as essential ethical requirements for the sole researcher to maintain throughout their work. Method and finding transparency stands as the essential element to prove research integrity.

Legal Considerations - The usage of published materials must treat intellectual property laws while appropriate source documentation prevents plagiarism in academic work. Researchers must fulfill data protection regulations when collecting data to guarantee both privacy protection and safe information management.

Social Considerations - The research results have crucial societal effects because it explain Islamic banking resistance during the financial crisis which affects public opinions about the financial system and inclusive financial practices. The analysis of social effects enables policy recommendations to enhance economic and community stability.

Professional Considerations - The research must uphold the professional integrity by practicing precise citation methods as these methods protect original authors' intellectual property. The research credibility depends on proper attribution of all references. The research process becomes more transparent and trustworthy because of the academic standards which the research maintain.

Chapter 4: Results And Findings

Introduction To The Chapter - The fourth chapter of dissertation research will perform data analysis to answer the research question. This qualitative research uses thematic analysis to review the gathered secondary data through the adopted thematic approach.

The fourth chapter of dissertation research will perform data analysis to answer the research question. This qualitative research uses thematic analysis to review the gathered secondary data through the adopted thematic approach.

Global Financial Crisis And Its Impact On Financial Institutions - The Global Financial Crisis (GFC) conducted severe pressure on banks and financial market operations from 2007 to 2009. In this regard, (Chang, McAleer, and Wang, 2020) stated that the US housing market downturn served as the primary driver that started the global crisis. During the early 2000s a housing market asset price bubble appeared first before expanding into worldwide markets (Statista, 2023). The 2006 housing market slowdown produced negative impacts on multiple strong economies across the globe such as Japan and Russia as well as the United Kingdom. Many global banks suffered from financial losses to the extent that numerous people lost their employment positions. The economic crisis triggered multiple severe consequences that led to mass job losses and diminished economic output as well as reduced employment numbers and decreased consumer expenditure levels (Wang et al., 2021). The financial crisis reached its peak when Bear Stearns, Lehman Brothers, and Washington Mutual in collapse which underscored both system fragility and worldwide financial market interdependence (Berger and Roman, 2020). The government needed to execute large bailouts of uninsured major financial institutions to stop a total collapse of financial systems which allowed markets to regain confidence. The crisis led to depreciation in consumer spending which created higher levels of financial sector panic and uncertainty. Banks exhibited greater risk-aversion which caused them to provide less credit while adopting stricter loan policies for borrowers. Governments across the globe established improved regulatory systems to stop future occurrences of such events. To strengthen financial institutions governments established various regulatory changes that promoted stability among institutions. The financial industry faced new regulations designed to reduce damaging risk systems and enhance risk management standards as well as guarantee adequate bank capital reserves. These rules were established by governments to stop new economic downturns from occurring (Ozili, 2021). Financial institutions experienced tremendous effects because of the GFC. The banking sector suffered major financial setbacks as banks were exposed to harmful assets through subprime mortgages (Bischof et al., 2021). Financial institutions suffered from severe trust loss and restricted credit access which made many institutions become unprofitable or financially unstable.

(Statista, 2022) reports that US commercial bank loans and single-family residential mortgages and business loans experienced substantial delinquency rate increases between the years 2007 to 2010. The delinquency rates on commercial bank loans along with single-family residential mortgages and business loans rose from 1.75% and 2.08% and 1.19% in early 2007 up to 7.5% and 11.5% and 3.92% in 2010. The crisis proves that the global financial system contains fundamental weaknesses as well as economic connections between institutions (Zakarneh et al., 2022). Governments across the world garnered important lessons from this crisis which now lead to their policy making and financial protection strategies against new monetary disturbances (Theodore, 2019). Financial markets became stronger through the GFC due to the crisis restructured regulatory systems and transformed risk management strategies as well as proving how crucial it is to monitor markets for stability purposes. The crisis continues to show its effects across the financial environment globally while teaching permanent lessons to global financial systems.

Resilience Of Islamic Banks Towards The Global Financial Crisis - The study conducted by the International Monetary Fund (IMF) showed that Islamic banks displayed dissimilar behavior than conventional banks throughout the GFC of 2007-2008 (Zakarneh et al., 2022). Research data demonstrated that Islamic banks displayed better resistance capabilities on average during the analyzed period. Islamic banks lost substantial amounts during real economic crisis impacts but swiftly restored their financial health as of their Shariah law-based business operations (Zakarneh et al., 2022). The business model of Islamic banking operates under Shariah law that bans interest fees and mandates financing ethical companies with moral business practices. Justice stands as the central concept in Islamic banking operations which requires mutual sharing of profits and losses. Islamic banking distinguishes itself from conventional banking as it prohibits interest-based transactions. Islamic banking shows dissimilarities in its management approach to financial operations. Islamic banking implements asset utilization and risk-sharing concepts unlike conventional banking which conducts borrowing and risk-transferring operations (IMF 2010). According to (Hussain, 2015) the IMF study revealed Islamic banks experienced lower exposure to subprime mortgage risks since these institutions cannot invest in problematic financial instruments. The research demonstrated that Islamic banks maintained stronger capital reserves than conventional bank institutions. The extra capital reserves helped Islamic banks deal with financial losses effectively throughout the crisis period. Islamic banks avoided wholesale funding methods that caused them to stay protected from unexpected liquidity issues. Due to their asset-based financing approach Islamic banks maintained lower market volatility exposure when compared to conventional banks. Islamic banking performed better than conventional banks during the global financial crisis because of its special financial structure (Farooq 2015). Islamic banks protected themselves from speculative practices because they used risk-sharing methods instead of interest-based transactions. Through their dedication to ethical and socially responsible financial investments they shielded themselves from damaging effects of particular financial instruments. The resilience of Islamic banking during the crisis exists despite its inability to stop wider economic problems from affecting its performance. The performance of Islamic banking remains subject to economic health conditions as well as external market events (Miah & Uddin, 2017).

Nevertheless, the study demonstrates the ability of Islamic banking to serve as a stable financial system model which promotes sustainable operations. The growth of Islamic banking has persisted after the GFC as numerous financial institutions and countries now recognize its worth. The Islamic finance industry has received focused development and regulatory efforts which aim to connect it with conventional financial systems (Fadoua et al., 2023). The ethical principles and risk-sharing mechanisms along with asset-based transactions in Islamic banking draw stakeholders toward financial models that match their ethical values. The performance of Islamic banks throughout the global financial crisis led people to consider introducing a financial system which embraces inclusivity and responsibility. The crisis has caused people to show greater interest in implementing Islamic banking principles into conventional financial systems through better risk management and transparency and longer-term sustainability. The GFC experience of Islamic banks taught essential lessons which policymakers alongside regulators and financial institutions should use to enhance future financial systems. The analysis promotes exploring alternative financial models which uphold both stability and ethical practices and sustainable development (Pesendorfer, 2016).

Strategies For Resilience Of Financial Institutions For Tackling The Financial Crisis - Financial institutions deployed various operational strategies to build resistance against market risks alongside risk reduction measures after the global financial crisis. Further, the institutions implemented safety measures which worked to protect their stability along with protecting their clients and their institutions. The global crisis made financial institutions understand how important strong risk management practices are to create resilience (Cheema, Faff, and Szulczyk, 2022). The organizations dedicated their efforts toward building stronger risk assessment capabilities by performing stress tests alongside conducting scenario analysis to detect their potential weaknesses. The financial institutions used these initiatives to create suitable risk mitigation plans which strengthened their defenses against future financial disruptions. Financial institutions deployed various operational strategies to build resistance against market risks alongside risk reduction measures after the global financial crisis. As well the institutions implemented safety measures which worked to protect their stability along with protecting their clients and their institutions. The global crisis made financial institutions understand how important strong risk management practices are to create resilience (Cheema, Faff, and Szulczyk, 2022). The institutions devoted their attention to develop better risk assessment systems while performing stress tests and conducting scenario analysis to detect their weak points. The financial institutions used these initiatives to create suitable risk mitigation plans which strengthened their defenses against future financial disruptions. The institutions achieved better crisis management through their diversified funding which protected them from disruptions and financial crises (Namlis, and Komilis, 2019) Enhancing liquidity management proved essential for resilience. Financial institutions completed two primary goals through increased focus on liquidity buffer levels and creation of funding contingencies plans while gaining access to central bank support channels. The institutions implemented these measures to accumulate adequate funds for meeting payments obligations during stressful times thus preventing liquidity crises. The recognition of robust corporate governance led financial institutions to take multiple steps for improving board oversight and risk culture and internal controls (Armstrong, 2014). The initiatives focused on advancing good decision making together with risk management practices which strengthened their organizational resistance. Through effective corporate governance financial institutions obtained proper governance structures that enabled identification and management of risks. Regulatory authorities took an active part in building financial institution oversight while improving the stability of financial systems. The authorities implemented more stringent regulations while performing constant stress assessments and strengthening their supervisory methods. The implemented measures brought higher transparency and accountability to financial system operations thus decreasing potential future crises. Financial institutions started to recognize increasing cyber risk so they invested in solid cybersecurity solutions (Markman and Venzin, 2014). Security protocols improved at institutions through advanced measures while vulnerability evaluations happened on a regular basis alongside employee training about best cybersecurity practices. Financial institutions protected their systems along with customer data which allowed them to reduce cyber threat risks. Further, the institutions adopted technological innovations which served to improve both their operational performance and organizational resistance (Arestis, 2021). As well, utilized cloud computing and artificial intelligence together with blockchain technology to standardize their business operations along with strengthening their risk management features and customer relationship quality. Financial institutions used these technologies to adapt their operations and minimize potential disturbances in changing market situations (Thomson et al., 2022). Lastly, these institutions created complete business continuity plans with operational continuity measures for dealing with crises. The plans included backup system setup as well as remote work capabilities and alternative communication channels. Financial institutions sustained operations and provided service to customers through their implementation of service delivery minimization plans.

Discussion And Implications - This research explores how the 2008 financial crisis affected Islamic banks through an analysis that current literature has not thoroughly examined. The 2008 financial crisis created immediate bank-wide effects which included frozen interbank transactions together with credit shortages and widespread mortgage default problems. This study was necessary because global economies suffered negative impacts which led researchers to explore specific effects on Islamic banking institutions. The research follows three main research questions that act as objectives for the investigation- “How the global financial crisis impacted Islamic banks?”, “What strategies were employed by the Islamic banks for addressing the global financial crisis?”, and “What strategies can be implemented by financial institutions for resilience against financial crises?”. This research utilized qualitative methods which included a literature-based examination to study the effects of the financial crisis on Islamic banking institutions. Reputable academic sources provided secondary data through a keyword-based strategy (Aiginger, 2009). The critical review analyzed three main themes which included “Global financial crisis and its impact on financial institutions” as well as “Resilience of Islamic banks during the global financial crisis” and “Strategies for resilience of financial institutions”. The 2008 crisis proved major in its effects because the initial spark came from the US housing market downfall which caused both financial destruction and widespread employment cuts (Horner, 2017). Major financial institutions including Lehman Brothers revealed the weak points of the financial system during its collapse. The financial crisis drove governments to offer substantial financial help to prevent the system's complete breakdown. The market crash caused credit restrictions that led banks to adopt defensive lending policies. The banking sector limited its credit operations thus reducing both consumer loans and investment activities (de Arruda & Haddad, 2017). The exposure to toxic assets particularly subprime mortgages caused numerous banks to experience severe financial losses. The crisis triggered a breakdown of public confidence in financial institutions which made credit unavailable to borrowers while people demanded more transparent business practices (Culp & Neves, 2017). Further to this, financial institutions experienced three main obstacles in late 2008: rising delinquencies and international trade disruptions together with investment and growth problems. The crisis damaged governments along with investors and taxpayers and corporations and it caused bank liquidations and falling stock prices throughout developed and developing nations. Islamic banks avoid using interest in their operations while creating their products through permissible contractual methods. Various scholarly reports show that Islamic banks demonstrated financial endurance during the 2008 financial crisis (Belanès, Ftiti, and Regaïeg, 2015). The transactional systems of Sharia-compliant banking consisted of “Shirkah”, “Musharakah”, “Murabahah/bay’ Mujjal”, “Istisna contract”, “Ijarah”, “Salam”, and “Iqtina” (Agustina, and Abd Majid, 2021). The worldwide financial crisis generated broad-reaching impacts which struck both financial institutions and other business entities and domestic households and national governments. The economic downturn created major employment problems and slowed down investment activities and forced governments to limit their spending because tax revenue decreased and public debt increased. The Shariah-compliant principles used by Islamic banks helped them display resilience through their prohibition of interest while promoting ethical investments. Islamic banks protected their assets from risky investments through conservative allocation of capital while holding higher levels of financial resources than conventional banking institutions (Agustina, and Abd Majid, 2021). The financing structure based on assets made their business operations less sensitive to market changes. Apart from this, financial institutions built resilience by developing better risk management and creating strong capital reserves together with multiple funding sources and improved liquidity control and enhanced governance structures. In addition to adopting technological innovations the institutions used these tools to develop both efficient processes and stronger risk management capabilities. Financial institutions developed extensive continuity plans which required stakeholders to work together for addressing systemic risks. Enhanced regulation and risk management emerged as essential priorities following the 2008 crisis because the situation showed the need for stability reforms in the financial sector (Ozili, 2018). To sum up, the 2008 financial crisis led to severe damage for financial institutions which resulted in losses of profitability and reduced credit opportunities. The financial institutions following Islamic banking principles exhibited better resilience as they operated under Shariah law-compliant business models. Multiple resilience approaches were taken up by financial institutions which included developing better risk management practices and boosting capital levels and funding variety and liquidity management and governance improvement and technological investments alongside stakeholder partnerships. The crisis led to regulatory modifications which aimed to improve both financial system stability and sustainability according to Gertler & Gilchrist (2018). The research findings generated substantial implications which affect different groups of stakeholders. The crisis situation highlights three essential aspects for investors which include diversified portfolios, thorough risk handling methods and fundamental analysis-based long-term strategic planning. Regulators together with policymakers are strongly encouraged to strengthen their regulatory structures that promote stability through transparency to protect investors while monitoring systemic dangers (Zakarneh et al., 2022). The financial institutions are advised to actively focus on robust risk management practices, sufficient capital and liquidity reserves, as well as the embrace of proper technological innovations to enhance their level of operational efficiency. Finally, there are social implications that suggest they should stress on financial stability and include, access to affordable financial services for everyone and to integrate sustainable financial practices in the process of decision making. Therefore, the worldwide financial crisis research delivers essential knowledge to both investors and policymakers and regulators and the financial sector. These insights should be executed to decrease financial system risks while promoting stability together with increased inclusion.

Conclusion

The examination of the 2008 global financial crisis reveals important performance insights between Islamic banking banks and traditional financial organizations. The analysis evaluated three main objectives that assessed institutional resilience and crisis response strategies alongside recommendations for better stability.

The research demonstrated that Islamic banks withstood the crisis better than their conventional banking counterparts. The business model of Islamic banks based on Shariah law enables their resilience through a dual restriction on interest charges and ethical investment requirements. Thus, the Islamic banking system had notably exposure to fewer risks from high-risk assets especially subprime mortgages which became major components of the financial turmoil. The higher capital reserves which Islamic banks could sustain acted as a crucial defense against the economic disruptions from the crisis. The research successfully demonstrated that Islamic banks possess greater financial endurance than conventional banking institutions which fulfills the objective aim.

The research demonstrated that Islamic banks withstood the crisis better than their conventional banking counterparts. The business model of Islamic banks based on Shariah law enables their resilience through a dual restriction on interest charges and ethical investment requirements. Thus, the Islamic banking system had notably exposure to fewer risks from high-risk assets especially subprime mortgages which became major components of the financial turmoil. The higher capital reserves which Islamic banks could sustain acted as a crucial defense against the economic disruptions from the crisis. The research successfully demonstrated that Islamic banks possess greater financial endurance than conventional banking institutions which fulfills the objective aim.

The third objective of this analysis delivered strategic recommendations that help financial institutions build stronger resilience against forthcoming financial turmoil. The analysis provides organizations with a method to build stability throughout the sector. The recommended approaches involve enhancing risk management approaches and maintaining proper capital reserves as well as liquidity buffers. The analysis highlighted that how diversifying funding sources with reinforcment of corporate governance needs selective investments in technology. The process of working together with multiple stakeholders proved essential for building financial systems that can face challenges more effectively. The study results demonstrated that financial system stability needs regulatory reform to enhance stability. The research met its objective to propose resilience strategies because of its effective achievement.

Overall it can be said that the study proved successful in achieving its stated objectives to evaluate Islamic bank resilience throughout the global financial crisis. Insights gained from the strategies utilized by these banks and the recommendations made will prove beneficial for various stakeholders in the financial sector. In addition to portfolio diversification and risk management as well as long-term investing professionals can learn practical applications. Observations from this research can allow regulatory bodies to refine regulatory systems along with strengthening monitoring systems of systemic risk while creating effective investor protection measures.

Islamic banks together with other financial institutions can achieve advantages through strong risk management systems and adequate capital reserves and well-developed strategies for managing liquidity. Technological innovations receive increased priority due to their modernizing effect on banking practices and performance enhancement capabilities. The strategic value of financial stability requires financial institutions to practice sustainable finance and establish financial inclusion systems for building resilient financial systems.

Recommendations

According to the research findings discussing the impact of the 2008 global financial crisis on financial institutions, especially Islamic banks, and the measures taken to mitigate the crisis, the following suggestions can be formulated:

• It is important that financial institutions shall always prioritize risk management practice. That entails putting in place a risk assessment framework that is comprehensive and pushing for stress-testing and scenarios analysis. Assessing, identifying and mitigating any risks will not only help increase resilience but will also be highly beneficial when future crises require stronger decision making and execution capabilities.
• Financial institutions need enough capital reserves together with sufficient liquidity buffers to survive financial instability. Financial businesses need to both check their capital ratio requirements and maintain sufficient cash reserves to withstand challenging times. Financial institutions can lower their liquidity risks by actively managing their funds and seeking different sources of funds.
• When institutions base their operations mainly on wholesale funding they make themselves more prone to market volatility risks. Financial institutions need to acquire multiple funding sources as a means to decrease their dependence on particular channels. The institution should build funding sources by increasing retail deposits while using capital markets and diverse financing methods.
• Strong governance structure through independent boards and risk management committees to properly lead the organization. Financial organizations need to develop complete governance systems that openly show how they act responsibly and take responsibility for their behavior.
• The latest technology including artificial intelligence helps financial organizations to strengthen their risk control systems while reducing manual work and operation costs. Institutes that invest in technology gain better access to data which lets them improve risk detection and produce enhanced outcomes for clients.
• Financial institutions need to work together with their stakeholders including government officials and business leaders in related fields. Multiple organizations working together to exchange knowledge helps financial institutions handle system-wide threats while maintaining financial stability.
• Since technology now controls financial operations every institution must place high importance on protecting their data. By using updated security tools and training staff while maintaining protection systems the organization protects itself from cyber threats.
• Financial institutions should engage directly with government officials and financial rule makers who need their ideas to make the financial sector more secure for everyone. Institutions should give their professional insights to policymakers and regulators to help create successful rules and guidelines.
• Financial leaders and government officials need to build a financial network system that serves all population groups. The system should provide basic financial services to people who currently cannot access them. Educating people about finance allows them to take decisions based on knowledge.
• Policy makers in financial organizations and investors need to include ESG criteria in their choices. Integrating sustainability criteria into institutions' operations allows them to spot long-term threats, support ethical investments, and create a better financial structure.

The research-based recommendations help different stakeholders in the financial industry strengthen performance while building a stable inclusive system. By applying these proposed changes financial institutions can protect their sector better and benefit both the economy and the entire society.

References

• Claessens, S., & Kose, M. A. (2013). Financial crises: Explanations, types and implications. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2295201
• Duignan, B. (2023, August 14). Financial crisis of 2007–08. Encyclopædia Britannica. https://www.britannica.com/money/topic/financial-crisis-of-2007-2008
• Reserve Bank of Australia. (2023, May 26). The global financial crisis: Explainer: Education. Reserve Bank of Australia. https://www.rba.gov.au/education/resources/explainers/the-global-financial-crisis.html
• Bettes, K. (2022, November 7). What happens to the economy if you can’t pay your home loan? UNSW Newsroom. https://newsroom.unsw.edu.au/news/business-law/what-happens-economy-if-you-cant-pay-your-home-loan
• Rodini, L. (2022). What was the great recession? how did it affect the world?. The Street. https://www.thestreet.com/dictionary/g/great-recession
• Samad, A. (2018). Did global financial crisis impact the Islamicbanking efficiencies? evidence from Malaysian Islamic banks . Global Review of IslamicEconomics and Business, 6(2), 075. https://doi.org/10.14421/grieb.2018.062-01
• IMF. (2010, October 4). IMF survey: Islamic banks : More Resilient to Crisis?. IMF. https://www.imf.org/en/News/Articles/2015/09/28/04/53/sores100410a.
• Johnstone, S., Saridakis, G., & Wilkinson, A. (2019). The global financial crisis, Work and Employment: Ten Years on. Economic and Industrial Democracy, 40(3), 455–468. https://doi.org/10.1177/0143831x19866532
• Johnstone, S., Saridakis, G., & Wilkinson, A. (2019). The global financial crisis, Work and Employment: Ten Years on. Economic and Industrial Democracy, 40(3), 455–468. https://doi.org/10.1177/0143831x19866532
• RAMCHARAN, R., VERANI, S., & VAN DEN HEUVEL, S. J. (2016b). From wall street to main street: The impact of the financial crisis on Consumer Credit Supply. The Journal of Finance, 71(3), 1323–1356. https://doi.org/10.1111/jofi.12209
• RAMCHARAN, R., VERANI, S., & VAN DEN HEUVEL, S. J. (2016b). From wall street to main street: The impact of the financial crisis on Consumer Credit Supply. The Journal of Finance, 71(3), 1323–1356. https://doi.org/10.1111/jofi.12209
• Afxentiou, D., Harris, P., & Kutasovic, P. (2022). The covid-19 housing boom: Is a 2007–2009-type crisis on the horizon? Journal of Risk and Financial Management, 15(8), 371. https://doi.org/10.3390/jrfm15080371
• Duffie, D. (2019). Prone to fail: The Pre-Crisis Financial System. Journal of Economic Perspectives, 33(1), 81–106. https://doi.org/10.1257/jep.33.1.81
• Thakor, A. V. (2015). The Financial Crisis of 2007–2009: Why did it happen and what did we learn? Review of Corporate Finance Studies, 4(2), 155–205. https://doi.org/10.1093/rcfs/cfv001
• Clapp, J. (2017). New Directions in agrarian political ECONOMYGLOBAL agrarian transformations, volume 1 (1st ed.). ROUTLEDGE.
• Cooper, R., & Nikolov, K. (2018). Government debt and banking fragility: The spreading of strategic uncertainty. International Economic Review, 59(4), 1905–1925. https://doi.org/10.1111/iere.12323
• Kim, Y. S., Laufer, S. M., Stanton, R., Wallace, N., & Pence, K. (2018). Liquidity crises in the mortgage market. Brookings Papers on Economic Activity, 2018(1), 347–428. https://doi.org/10.1353/eca.2018.0004
• Adelino, M., Schoar, A., & Severino, F. (2015). House prices, collateral, and self-employment. Journal of Financial Economics, 117(2), 288–306. https://doi.org/10.1016/j.jfineco.2015.03.005
• Johnstone, S., Saridakis, G., & Wilkinson, A. (2019). The global financial crisis, Work and Employment: Ten Years on. Economic and Industrial Democracy, 40(3), 455–468. https://doi.org/10.1177/0143831x19866532
• RAMCHARAN, R., VERANI, S., & VAN DEN HEUVEL, S. J. (2016). From wall street to main street: The impact of the financial crisis on Consumer Credit Supply. The Journal of Finance, 71(3), 1323–1356. https://doi.org/10.1111/jofi.12209
• RAMCHARAN, R., VERANI, S., & VAN DEN HEUVEL, S. J. (2016). From wall street to main street: The impact of the financial crisis on Consumer Credit Supply. The Journal of Finance, 71(3), 1323–1356. https://doi.org/10.1111/jofi.12209
• Culp, C. L., & Neves, A. M. (2017). Shadow banking, risk transfer, and financial stability. Journal of Applied Corporate Finance, 29(4), 45–64. https://doi.org/10.1111/jacf.12261
• Cardaci, A. (2018). Inequality, household debt and financial instability: An agent-based perspective. Journal of Economic Behavior & Organization, 149, 434–458. https://doi.org/10.1016/j.jebo.2018.01.010
• Boukhatem, J., & Ben Moussa, F. (2018). The effect of Islamic banks on GDP growth: Some evidence from selected Mena countries. Borsa Istanbul Review, 18(3), 231–247. https://doi.org/10.1016/j.bir.2017.11.004
• Boukhatem, J., & Ben Moussa, F. (2018). The effect of Islamic banks on GDP growth: Some evidence from selected Mena countries. Borsa Istanbul Review, 18(3), 231–247. https://doi.org/10.1016/j.bir.2017.11.004
• Boukhatem, J., & Ben Moussa, F. (2018). The effect of Islamic banks on GDP growth: Some evidence from selected Mena countries. Borsa Istanbul Review, 18(3), 231–247. https://doi.org/10.1016/j.bir.2017.11.004
• Boukhatem, J., & Ben Moussa, F. (2018). The effect of Islamic banks on GDP growth: Some evidence from selected Mena countries. Borsa Istanbul Review, 18(3), 231–247. https://doi.org/10.1016/j.bir.2017.11.004
• Boukhatem, J., & Ben Moussa, F. (2018). The effect of Islamic banks on GDP growth: Some evidence from selected Mena countries. Borsa Istanbul Review, 18(3), 231–247. https://doi.org/10.1016/j.bir.2017.11.004
• Ozili, P. K. (2018). Impact of digital finance on Financial Inclusion and stability. Borsa Istanbul Review, 18(4), 329–340. https://doi.org/10.1016/j.bir.2017.12.003
• Ozili, P. K. (2018). Impact of digital finance on Financial Inclusion and stability. Borsa Istanbul Review, 18(4), 329–340. https://doi.org/10.1016/j.bir.2017.12.003
• Duffie, D. (2019). Prone to fail: The Pre-Crisis Financial System. Journal of Economic Perspectives, 33(1), 81–106. https://doi.org/10.1257/jep.33.1.81
• Essers, D. (2015). Developing country vulnerability in light of the global financial crisis: Shock therapy? Review of Development Finance, 3(2), pp.61–83. doi:https://doi.org/10.1016/j.rdf.2013.02.001.
• Gawande, K., Hoekman, B. and Cui, Y. (2015). Global Supply Chains and Trade Policy Responses to the 2008 Crisis. The World Bank Economic Review, [online] 29(1), pp.102–128. Available at: https://www.jstor.org/stable/43774253.
• Jiang, Y., Yu, M. and Hashmi, S. (2017). The Financial Crisis and Co-Movement of Global Stock Markets—A Case of Six Major Economies. Sustainability, 9(2), p.260. doi:https://doi.org/10.3390/su9020260.
• Mauthner, N.S. (2020). Research Philosophies and Why They Matter. How to Keep your Doctorate on Track, pp.76–86. doi:https://doi.org/10.4337/9781788975636.00018.
• Mauthner, N.S. (2020). Research Philosophies and Why They Matter. How to Keep your Doctorate on Track, pp.76–86. doi:https://doi.org/10.4337/9781788975636.00018.
• Afxentiou, D., Harris, P., & Kutasovic, P. (2022). The covid-19 housing boom: Is a 2007–2009-type crisis on the horizon? Journal of Risk and Financial Management, 15(8), 371. https://doi.org/10.3390/jrfm15080371
• Alesina, A., Favero, C., & Giavazzi, F. (2019). Effects of austerity: Expenditure- and tax-based approaches. Journal of Economic Perspectives, 33(2), 141–162. https://doi.org/10.1257/jep.33.2.141
• Alexakis, C., Izzeldin, M., Johnes, J., & Pappas, V. (2019). Performance and productivity in Islamicand conventional banks: Evidence from the Global Financial Crisis. Economic Modelling, 79, 1–14. https://doi.org/10.1016/j.econmod.2018.09.030
• Allen, F., Goldstein, I., & Jagtiani, J. (2018). The interplay among financial regulations, resilience, and growth. Journal of Financial Services Research, 53(2–3), 141–162. https://doi.org/10.1007/s10693-018-0291-z
• Bettes, K. (2022, November 7). What happens to the economy if you can’t pay your home loan? UNSW Newsroom. https://newsroom.unsw.edu.au/news/business-law/what-happens-economy-if-you-cant-pay-your-home-loan
• Boukhatem, J., & Ben Moussa, F. (2018). The effect of Islamic banks on GDP growth: Some evidence from selected Mena countries. Borsa Istanbul Review, 18(3), 231–247. https://doi.org/10.1016/j.bir.2017.11.004
• Cardaci, A. (2018). Inequality, household debt and financial instability: An agent-based perspective. Journal of Economic Behavior & Organization, 149, 434–458. https://doi.org/10.1016/j.jebo.2018.01.010
• Claessens, S., & Kose, M. A. (2013). Financial crises: Explanations, types and implications. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2295201
• Clapp, J. (2017). New Directions in agrarian political ECONOMYGLOBAL agrarian transformations, volume 1 (1st ed.). ROUTLEDGE.
• Cole, R. A. (2017). Did bank small-business lending in the U.S. recover after the financial crisis? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3077004
• Cooper, R., & Nikolov, K. (2018). Government debt and banking fragility: The spreading of strategic uncertainty. International Economic Review, 59(4), 1905–1925. https://doi.org/10.1111/iere.12323
• Culp, C. L., & Neves, A. M. (2017). Shadow banking, risk transfer, and financial stability. Journal of Applied Corporate Finance, 29(4), 45–64. https://doi.org/10.1111/jacf.12261
• de Arruda, B. P., & Haddad, M. F. (2017). The impact of the global financial crisis on the Brazilian Stock Market. The Brazilian Economy since the Great Financial Crisis of 2007/2008, 273–305. https://doi.org/10.1007/978-3-319-64885-9_11
• de Arruda, B. P., & Haddad, M. F. (2017). The impact of the global financial crisis on the Brazilian Stock Market. The Brazilian Economy since the Great Financial Crisis of 2007/2008, 273–305. https://doi.org/10.1007/978-3-319-64885-9_11
• de Arruda, B. P., & Haddad, M. F. (2017). The impact of the global financial crisis on the Brazilian Stock Market. The Brazilian Economy since the Great Financial Crisis of 2007/2008, 273–305. https://doi.org/10.1007/978-3-319-64885-9_11
• Gertler, M., & Gilchrist, S. (2018a). What happened: Financial factors in the great recession. Journal of Economic Perspectives, 32(3), 3–30. https://doi.org/10.1257/jep.32.3.3
• Gruber, J. W., & Kamin, S. B. (2015). The corporate saving glut in the aftermath of the global financial crisis. International Finance Discussion Paper, 2015(1150), 1–61. https://doi.org/10.17016/ifdp.2015.1150
• Horner, R. (2017). Beyond facilitator? state roles in global value chains and Global Production Networks. Geography Compass, 11(2). https://doi.org/10.1111/gec3.12307
• Horner, R. (2017). Beyond facilitator? state roles in global value chains and Global Production Networks. Geography Compass, 11(2). https://doi.org/10.1111/gec3.12307
• Johnstone, S., Saridakis, G., & Wilkinson, A. (2019a). The global financial crisis, Work and Employment: Ten Years on. Economic and Industrial Democracy, 40(3), 455–468. https://doi.org/10.1177/0143831x19866532
• Johnstone, S., Saridakis, G., & Wilkinson, A. (2019a). The global financial crisis, Work and Employment: Ten Years on. Economic and Industrial Democracy, 40(3), 455–468. https://doi.org/10.1177/0143831x19866532
• Kim, Y. S., Laufer, S. M., Stanton, R., Wallace, N., & Pence, K. (2018). Liquidity crises in the mortgage market. Brookings Papers on Economic Activity, 2018(1), 347–428. https://doi.org/10.1353/eca.2018.0004
• Monferrer-Tirado, D., Estrada-Guillén, M., Fandos-Roig, J. C., Moliner-Tena, M. Á., & Sánchez García, J. (2016). Service quality in bank during an economic crisis. International Journal of Bank Marketing, 34(2), 235–259. https://doi.org/10.1108/ijbm-01-2015-0013
• Ozili, P. K. (2018). Impact of digital finance on Financial Inclusion and stability. Borsa Istanbul Review, 18(4), 329–340. https://doi.org/10.1016/j.bir.2017.12.003
• RAMCHARAN, R., VERANI, S., & VAN DEN HEUVEL, S. J. (2016a). From wall street to main street: The impact of the financial crisis on Consumer Credit Supply. The Journal of Finance, 71(3), 1323–1356. https://doi.org/10.1111/jofi.12209
• Reserve Bank of Australia. (2023, May 26). The global financial crisis: Explainer: Education. Reserve Bank of Australia. https://www.rba.gov.au/education/resources/explainers/the-global-financial-crisis.html
• Rodini, L. (2022). What was the great recession? how did it affect the world?. The Street. https://www.thestreet.com/dictionary/g/great-recession
• Samad, A. (2018). Did global financial crisis impact the Islamicbanking efficiencies? evidence from Malaysian Islamic banks . Global Review of IslamicEconomics and Business, 6(2), 075. https://doi.org/10.14421/grieb.2018.062-01
• Thakor, A. V. (2015). The Financial Crisis of 2007–2009: Why did it happen and what did we learn? Review of Corporate Finance Studies, 4(2), 155–205. https://doi.org/10.1093/rcfs/cfv001
• Belanès, A. Ftiti, Z. and Regaïeg, R. (2015) "What Can We Learn About Islamic Banks Efficiency Under The Subprime Crisis? Evidence From GCC Region," Pacific-Basin Finance Journal, 33 pp. 81-92. https://doi.org/10.1016/j.pacfin.2015.02.012
• Aiginger, K. (2009) "Strengthening The Resilience Of An Economy," Intereconomics, 44(5), pp. 309-316. https://doi.org/10.1007/s10272-009-0308-9
• Abubakar, J. et al. (2022) "Is Islamic Finance A Panacea for Global Economic Disruptions after COVID-19 Outbreak?," SSRN Electronic Journal, 22 https://doi.org/10.2139/ssrn.4085941
• Thomson, S. et al. (2022) "How Resilient Is Health Financing Policy In Europe To Economic Shocks? Evidence From The First Year Of The COVID-19 Pandemic And The 2008 Global Financial Crisis," Health Policy, 126(1), pp. 7-15. https://doi.org/10.1016/j.healthpol.2021.11.002
• Arestis, P. (2021) "Macro-Economic And Financial Policies For Sustainability And Resilience," Economic Policies For Sustainability And Resilience, pp. 1-44. https://doi.org/10.1007/978-3-030-84288-8_1
• Markman, G. M. and Venzin, M. (2014) "Resilience: Lessons From Banks That Have Braved The Economic crisisâAnd From Those That Have Not," International Business Review, 23(6), pp. 1096-1107. https://doi.org/10.1016/j.ibusrev.2014.06.013
• Zakarneh, S. et al. (2022) "The Impact Of The Coronavirus (COVID-19) Pandemic On The Profitability Of Islamic And Conventional Banks (Comparative Study)," Explore Business, Technology Opportunities And Challenges âAfter The Covid-19 Pandemic, pp. 1384-1394. https://doi.org/10.1007/978-3-031-08954-1_120
• Theodore, N. (2019) "Governing Through Austerity: (Il)logics Of Neoliberal Urbanism After The Global Financial Crisis," Journal Of Urban Affairs, 42(1), pp. 1-17. https://doi.org/10.1080/07352166.2019.1623683
• Bischof, J. Laux, C. and Leuz, C. (2021) "Accounting For Financial Stability: Bank Disclosure And Loss Recognition In The Financial Crisis," Journal Of Financial Economics, 141(3), pp. 1188-1217. https://doi.org/10.1016/j.jfineco.2021.05.016
• Berger, A. N. and Roman, R. A. (2020) "Introduction To Bank Bailouts, Bail-Ins And Related Topics Covered In The Book," TARP And Other Bank Bailouts And Bail-ins Around The World, pp. 5-41. https://doi.org/10.1016/b978-0-12-813864-9.00001-x
• Davidavičienė, V. (2018). Research Methodology: an Introduction. In Progress in IS (pp. 1–23). https://doi.org/10.1007/978-3-319-74173-4_1
• Fadoua, J., Msatfa, Z., Metwalli, O., Mouabid, M., & Dinar, B. (2023). Islamic Financial Stability Factors: An Econometric Evidence. Economies, 11(3), 79. https://doi.org/10.3390/economies11030079
• Javadi, M., & Zarea, K. (2016). Understanding Thematic Analysis and its Pitfall. Journal of Client Care, 1(1). https://doi.org/10.15412/j.jcc.02010107
• Mazhar, S. A. (2021). Methods of Data Collection: A Fundamental Tool of Research. Journal of Integrated Community Health (ISSN 2319-9113), 10(1). http://medicaljournalshouse.com/index.php/ADR-CommunityHealth/article/view/631
• Miah, M. D., & Uddin, H. (2017). Efficiency and stability: A comparative study between islamic and conventional banks in GCC countries. Future Business Journal, 3(2), 172–185. https://doi.org/10.1016/j.fbj.2017.11.001
• Mohajan, H. K. (2018). Qualitative research methodology in social sciences and related subjects. Journal of Economic Development, Environment and People, 1, 23–48. https://www.ceeol.com/search/article-detail?id=640546
• N. K, M. (2015). Understanding research philosophy and approaches to theory development. . in: Saunders, Mark N. K.; Lewis, Philip and Thornhill, Adrian Eds. Research Methods for Business Students. Harlow: Pearson Education, 122–161. https://oro.open.ac.uk/53393/
• Peel, K. (2020). A beginner’s guide to applied educational research using thematic analysis. Practical Assessment, Research and Evaluation, 25(1), 2. https://doi.org/10.7275/ryr5-k983
• Pesendorfer, J. (2016, March 13). Islamic Banking and Finance As an Ethical Alternative: A Systematic Literature Review. https://ssrn.com/abstract=2898785
• Smith, J. A. (2015). Qualitative Psychology : A Practical Guide to research methods. Smith, Jonathan a. - SAGE Publications Ltd - Torrossa. https://www.torrossa.com/en/resources/an/5018480#page=233
• Snyder, H. (2019). Literature review as a research methodology: An overview and guidelines. Journal of Business Research, 104, 333–339. https://doi.org/10.1016/j.jbusres.2019.07.039
• Statista. (2022, November 7). Great Recession: delinquency rates on loans 2007-20100 | Statista. Statista. https://statista.com/statistics/1342448/global-financial-crisis-us-economic-indicators/
• Statista. (2022, November 7). Great Recession: delinquency rates on loans 2007-20100 | Statista. Statista. https://statista.com/statistics/1342448/global-financial-crisis-us-economic-indicators/
• Sutton, J., & Austin, Z. (2015). Qualitative research: data collection, analysis, and management. The Canadian Journal of Hospital Pharmacy, 68(3). https://doi.org/10.4212/cjhp.v68i3.1456 Žukauskas, P., Vveinhardt, J., & Andriukaitiene, R. (2018). Philosophy and paradigm of scientific research. In InTech eBooks. https://doi.org/10.5772/intechopen.70628
• Sutton, J., & Austin, Z. (2015). Qualitative research: data collection, analysis, and management. The Canadian Journal of Hospital Pharmacy, 68(3). https://doi.org/10.4212/cjhp.v68i3.1456
• Žukauskas, P., Vveinhardt, J., & Andriukaitiene, R. (2018). Philosophy and paradigm of scientific research. In InTech eBooks. https://doi.org/10.5772/intechopen.70628
• Farooq, M. (2015). Are Islamic Banks More Resilient during Financial Panics? International Monetary Fund. https://www.imf.org/external/pubs/ft/wp/2015/wp1541.pdf
• Hussain, M. (2015). An Overview of Islamic Finance. International Monetary Fund. https://www.imf.org/external/pubs/ft/wp/2015/wp15120.pdf
• Chang, C.L., McAleer, M. and Wang, Y.A., 2020. Herding behaviour in energy stock markets during the Global Financial Crisis, SARS, and ongoing COVID-19. Renewable and Sustainable Energy Reviews, 134, p.110349.
• Wang, C., Wang, D., Abbas, J., Duan, K. and Mubeen, R., 2021. Global financial crisis, smart lockdown strategies, and the COVID-19 spillover impacts: A global perspective implications from Southeast Asia. Frontiers in Psychiatry, 12, p.643783.
• Ozili, P.K., 2021. Covid-19 pandemic and economic crisis: The Nigerian experience and structural causes. Journal of Economic and Administrative Sciences, 37(4), pp.401-418.
• Cheema, M.A., Faff, R. and Szulczyk, K.R., 2022. The 2008 global financial crisis and COVID-19 pandemic: How safe are the safe haven assets?. International Review of Financial Analysis, 83, p.102316.
• Namlis, K.G. and Komilis, D., 2019. Influence of four socioeconomic indices and the impact of economic crisis on solid waste generation in Europe. Waste management, 89, pp.190-200.
• Agustina, M. and Abd Majid, M.S., 2021. Islamic Bank amid the 2018 Global Financial Crisis: A Bibliometric Analysis. Library Philosophy and Practice, pp.1-25.
• Kumar, A., Mangla, S.K. and Kumar, P., 2022. An integrated literature review on sustainable food supply chains: Exploring research themes and future directions. Science of the Total Environment, 821, p.153411.
• Batuman, B., Yildiz, Y. and Karan, M.B. (2021). The Impact of the Global Financial Crisis on Corporate Cash holdings: Evidence from Eastern European Countries. Borsa Istanbul Review, 22(4). doi:https://doi.org/10.1016/j.bir.2021.10.002.
• Duca, J. (2013). Subprime mortgage crisis. [online] Federal Reserve History. Available at: https://www.federalreservehistory.org/essays/subprime-mortgage-crisis.
• Ghani, S. (2014). Global financial crisis of 2007 : analysis of origin & assessment of contagion to emerging economies : lessons & challenges for financial regulation. [online] Available at: https://theses.hal.science/tel-00987627/file/29638_GHANI_2013_archivage.pdf [Accessed 31 Jan. 2025].
• Legg, M. and Harris, J. (2009). HOW THE AMERICAN DREAM BECAME A GLOBAL NIGHTMARE: AN ANALYSIS OF THE CAUSES OF THE GLOBAL FINANCIAL CRISIS. UNSW Law Journal, [online] 32(2). Available at: https://www.unswlawjournal.unsw.edu.au/wp-content/uploads/2017/09/32-2-9.pdf.
• Reserve Bank of Australia (2009). The Global Financial Crisis. [online] Reserve Bank of Australia. Available at: https://www.rba.gov.au/education/resources/explainers/the-global-financial-crisis.html.
• Tori, D., Caverzasi, E. and Gallegati, M. (2023). Financial production and the subprime mortgage crisis. Journal of Evolutionary Economics. doi:https://doi.org/10.1007/s00191-023-00812-y.
• Yang, W. (2023). Global Financial Crisis and Risk Management. Advances in economics, management and political sciences, 35(1), pp.98–103. doi:https://doi.org/10.54254/2754-1169/35/20231732.
• Adelino, M., Schoar, A., & Severino, F. (2015). House prices, collateral, and self-employment. Journal of Financial Economics, 117(2), 288–306. https://doi.org/10.1016/j.jfineco.2015.03.005
• Afxentiou, D., Harris, P., & Kutasovic, P. (2022). The covid-19 housing boom: Is a 2007–2009-type crisis on the horizon? Journal of Risk and Financial Management, 15(8), 371. https://doi.org/10.3390/jrfm15080371
• Alesina, A., Favero, C., & Giavazzi, F. (2019). Effects of austerity: Expenditure- and tax-based approaches. Journal of Economic Perspectives, 33(2), 141–162. https://doi.org/10.1257/jep.33.2.141
• Alexakis, C., Izzeldin, M., Johnes, J., & Pappas, V. (2019). Performance and productivity in Islamicand conventional banks: Evidence from the Global Financial Crisis. Economic Modelling, 79, 1–14. https://doi.org/10.1016/j.econmod.2018.09.030
• Allen, F., Goldstein, I., & Jagtiani, J. (2018). The interplay among financial regulations, resilience, and growth. Journal of Financial Services Research, 53(2–3), 141–162. https://doi.org/10.1007/s10693-018-0291-z
• Bettes, K. (2022, November 7). What happens to the economy if you can’t pay your home loan? UNSW Newsroom. https://newsroom.unsw.edu.au/news/business-law/what-happens-economy-if-you-cant-pay-your-home-loan
• Boukhatem, J., & Ben Moussa, F. (2018). The effect of Islamic banks on GDP growth: Some evidence from selected Mena countries. Borsa Istanbul Review, 18(3), 231–247. https://doi.org/10.1016/j.bir.2017.11.004
• Cardaci, A. (2018). Inequality, household debt and financial instability: An agent-based perspective. Journal of Economic Behavior & Organization, 149, 434–458. https://doi.org/10.1016/j.jebo.2018.01.010
• Claessens, S., & Kose, M. A. (2013). Financial crises: Explanations, types and implications. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2295201
• Clapp, J. (2017). New Directions in agrarian political ECONOMYGLOBAL agrarian transformations, volume 1 (1st ed.). ROUTLEDGE.
• Cole, R. A. (2017). Did bank small-business lending in the U.S. recover after the financial crisis? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3077004
• Cooper, R., & Nikolov, K. (2018). Government debt and banking fragility: The spreading of strategic uncertainty. International Economic Review, 59(4), 1905–1925. https://doi.org/10.1111/iere.12323
• Culp, C. L., & Neves, A. M. (2017). Shadow banking, risk transfer, and financial stability. Journal of Applied Corporate Finance, 29(4), 45–64. https://doi.org/10.1111/jacf.12261
• de Arruda, B. P., & Haddad, M. F. (2017). The impact of the global financial crisis on the Brazilian Stock Market. The Brazilian Economy since the Great Financial Crisis of 2007/2008, 273–305. https://doi.org/10.1007/978-3-319-64885-9_11
• Duffie, D. (2019). Prone to fail: The Pre-Crisis Financial System. Journal of Economic Perspectives, 33(1), 81–106. https://doi.org/10.1257/jep.33.1.81
• Duignan, B. (2023, August 14). Financial crisis of 2007–08. Encyclopædia Britannica. https://www.britannica.com/money/topic/financial-crisis-of-2007-2008
• Gertler, M., & Gilchrist, S. (2018a). What happened: Financial factors in the great recession. Journal of Economic Perspectives, 32(3), 3–30. https://doi.org/10.1257/jep.32.3.3
• Gruber, J. W., & Kamin, S. B. (2015). The corporate saving glut in the aftermath of the global financial crisis. International Finance Discussion Paper, 2015(1150), 1–61. https://doi.org/10.17016/ifdp.2015.1150
• Horner, R. (2017). Beyond facilitator? state roles in global value chains and Global Production Networks. Geography Compass, 11(2). https://doi.org/10.1111/gec3.12307
• IMF. (2010, October 4). IMF survey: Islamic banks : More Resilient to Crisis?. IMF. https://www.imf.org/en/News/Articles/2015/09/28/04/53/sores100410a.
• Johnstone, S., Saridakis, G., & Wilkinson, A. (2019a). The global financial crisis, Work and Employment: Ten Years on. Economic and Industrial Democracy, 40(3), 455–468. https://doi.org/10.1177/0143831x19866532
• Kim, Y. S., Laufer, S. M., Stanton, R., Wallace, N., & Pence, K. (2018). Liquidity crises in the mortgage market. Brookings Papers on Economic Activity, 2018(1), 347–428. https://doi.org/10.1353/eca.2018.0004
• Monferrer-Tirado, D., Estrada-Guillén, M., Fandos-Roig, J. C., Moliner-Tena, M. Á., & Sánchez García, J. (2016). Service quality in bank during an economic crisis. International Journal of Bank Marketing, 34(2), 235–259. https://doi.org/10.1108/ijbm-01-2015-0013
• Ozili, P. K. (2018). Impact of digital finance on Financial Inclusion and stability. Borsa Istanbul Review, 18(4), 329–340. https://doi.org/10.1016/j.bir.2017.12.003
• RAMCHARAN, R., VERANI, S., & VAN DEN HEUVEL, S. J. (2016a). From wall street to main street: The impact of the financial crisis on Consumer Credit Supply. The Journal of Finance, 71(3), 1323–1356. https://doi.org/10.1111/jofi.12209
• Reserve Bank of Australia. (2023, May 26). The global financial crisis: Explainer: Education. Reserve Bank of Australia. https://www.rba.gov.au/education/resources/explainers/the-global-financial-crisis.html
• Rodini, L. (2022). What was the great recession? how did it affect the world?. The Street. https://www.thestreet.com/dictionary/g/great-recession
• Samad, A. (2018). Did global financial crisis impact the Islamicbanking efficiencies? evidence from Malaysian Islamic banks . Global Review of IslamicEconomics and Business, 6(2), 075. https://doi.org/10.14421/grieb.2018.062-01
• Thakor, A. V. (2015). The Financial Crisis of 2007–2009: Why did it happen and what did we learn? Review of Corporate Finance Studies, 4(2), 155–205. https://doi.org/10.1093/rcfs/cfv001
• Belanès, A. Ftiti, Z. and Regaïeg, R. (2015) "What Can We Learn About Islamic Banks Efficiency Under The Subprime Crisis? Evidence From GCC Region," Pacific-Basin Finance Journal, 33 pp. 81-92. https://doi.org/10.1016/j.pacfin.2015.02.012
• Aiginger, K. (2009) "Strengthening The Resilience Of An Economy," Intereconomics, 44(5), pp. 309-316. https://doi.org/10.1007/s10272-009-0308-9
• Abubakar, J. et al. (2022) "Is Islamic Finance A Panacea for Global Economic Disruptions after COVID-19 Outbreak?," SSRN Electronic Journal, 22 https://doi.org/10.2139/ssrn.4085941
• Thomson, S. et al. (2022) "How Resilient Is Health Financing Policy In Europe To Economic Shocks? Evidence From The First Year Of The COVID-19 Pandemic And The 2008 Global Financial Crisis," Health Policy, 126(1), pp. 7-15. https://doi.org/10.1016/j.healthpol.2021.11.002
• Arestis, P. (2021) "Macro-Economic And Financial Policies For Sustainability And Resilience," Economic Policies For Sustainability And Resilience, pp. 1-44. https://doi.org/10.1007/978-3-030-84288-8_1
• Markman, G. M. and Venzin, M. (2014) "Resilience: Lessons From Banks That Have Braved The Economic crisisâAnd From Those That Have Not," International Business Review, 23(6), pp. 1096-1107. https://doi.org/10.1016/j.ibusrev.2014.06.013
• Zakarneh, S. et al. (2022) "The Impact Of The Coronavirus (COVID-19) Pandemic On The Profitability Of Islamic And Conventional Banks (Comparative Study)," Explore Business, Technology Opportunities And Challenges âAfter The Covid-19 Pandemic, pp. 1384-1394. https://doi.org/10.1007/978-3-031-08954-1_120
• Theodore, N. (2019) "Governing Through Austerity: (Il)logics Of Neoliberal Urbanism After The Global Financial Crisis," Journal Of Urban Affairs, 42(1), pp. 1-17. https://doi.org/10.1080/07352166.2019.1623683
• Bischof, J. Laux, C. and Leuz, C. (2021) "Accounting For Financial Stability: Bank Disclosure And Loss Recognition In The Financial Crisis," Journal Of Financial Economics, 141(3), pp. 1188-1217. https://doi.org/10.1016/j.jfineco.2021.05.016
• Berger, A. N. and Roman, R. A. (2020) "Introduction To Bank Bailouts, Bail-Ins And Related Topics Covered In The Book," TARP And Other Bank Bailouts And Bail-ins Around The World, pp. 5-41. https://doi.org/10.1016/b978-0-12-813864-9.00001-x
• Davidavičienė, V. (2018). Research Methodology: an Introduction. In Progress in IS (pp. 1–23). https://doi.org/10.1007/978-3-319-74173-4_1
• Fadoua, J., Msatfa, Z., Metwalli, O., Mouabid, M., & Dinar, B. (2023). Islamic Financial Stability Factors: An Econometric Evidence. Economies, 11(3), 79. https://doi.org/10.3390/economies11030079
• Javadi, M., & Zarea, K. (2016). Understanding Thematic Analysis and its Pitfall. Journal of Client Care, 1(1). https://doi.org/10.15412/j.jcc.02010107
• Mazhar, S. A. (2021). Methods of Data Collection: A Fundamental Tool of Research. Journal of Integrated Community Health (ISSN 2319-9113), 10(1). http://medicaljournalshouse.com/index.php/ADR-CommunityHealth/article/view/631
• Miah, M. D., & Uddin, H. (2017). Efficiency and stability: A comparative study between islamic and conventional banks in GCC countries. Future Business Journal, 3(2), 172–185. https://doi.org/10.1016/j.fbj.2017.11.001
• Mohajan, H. K. (2018). Qualitative research methodology in social sciences and related subjects. Journal of Economic Development, Environment and People, 1, 23–48. https://www.ceeol.com/search/article-detail?id=640546
• N. K, M. (2015). Understanding research philosophy and approaches to theory development. . in: Saunders, Mark N. K.; Lewis, Philip and Thornhill, Adrian Eds. Research Methods for Business Students. Harlow: Pearson Education, 122–161. https://oro.open.ac.uk/53393/
• Peel, K. (2020). A beginner’s guide to applied educational research using thematic analysis. Practical Assessment, Research and Evaluation, 25(1), 2. https://doi.org/10.7275/ryr5-k983
• Pesendorfer, J. (2016, March 13). Islamic Banking and Finance As an Ethical Alternative: A Systematic Literature Review. https://ssrn.com/abstract=2898785
• Smith, J. A. (2015). Qualitative Psychology : A Practical Guide to research methods. Smith, Jonathan a. - SAGE Publications Ltd - Torrossa. https://www.torrossa.com/en/resources/an/5018480#page=233
• Snyder, H. (2019). Literature review as a research methodology: An overview and guidelines. Journal of Business Research, 104, 333–339. https://doi.org/10.1016/j.jbusres.2019.07.039
• Statista. (2022, November 7). Great Recession: delinquency rates on loans 2007-20100 | Statista. Statista. https://statista.com/statistics/1342448/global-financial-crisis-us-economic-indicators/
• Statista. (2023, March 14). Topic: The Global Financial Crisis. Statista. https://www.statista.com/topics/10195/the-global-financial-crisis/#topicOverview
• Sutton, J., & Austin, Z. (2015). Qualitative research: data collection, analysis, and management. The Canadian Journal of Hospital Pharmacy, 68(3). https://doi.org/10.4212/cjhp.v68i3.1456
• Žukauskas, P., Vveinhardt, J., & Andriukaitiene, R. (2018). Philosophy and paradigm of scientific research. In InTech eBooks. https://doi.org/10.5772/intechopen.70628
• Armstrong, J. (2014). Liquidity Risk at Banks: Trends and Lessons Learned from the Recent Turmoil. POLICY AND INFRASTRUCTURE DEVELOPMENTS BANK OF CANADA FINANCIAL SYSTEM REVIEW. https://www.bankofcanada.ca/wp-content/uploads/2012/01/fsr-1208-armstrong.pdf
• Farooq, M. (2015). Are Islamic Banks More Resilient during Financial Panics? International Monetary Fund. https://www.imf.org/external/pubs/ft/wp/2015/wp1541.pdf
• Hussain, M. (2015). An Overview of Islamic Finance. International Monetary Fund. https://www.imf.org/external/pubs/ft/wp/2015/wp15120.pdf
• Chang, C.L., McAleer, M. and Wang, Y.A., 2020. Herding behaviour in energy stock markets during the Global Financial Crisis, SARS, and ongoing COVID-19. Renewable and Sustainable Energy Reviews, 134, p.110349.
• Wang, C., Wang, D., Abbas, J., Duan, K. and Mubeen, R., 2021. Global financial crisis, smart lockdown strategies, and the COVID-19 spillover impacts: A global perspective implications from Southeast Asia. Frontiers in Psychiatry, 12, p.643783.
• Ozili, P.K., 2021. Covid-19 pandemic and economic crisis: The Nigerian experience and structural causes. Journal of Economic and Administrative Sciences, 37(4), pp.401-418.
• Cheema, M.A., Faff, R. and Szulczyk, K.R., 2022. The 2008 global financial crisis and COVID-19 pandemic: How safe are the safe haven assets?. International Review of Financial Analysis, 83, p.102316.
• Namlis, K.G. and Komilis, D., 2019. Influence of four socioeconomic indices and the impact of economic crisis on solid waste generation in Europe. Waste management, 89, pp.190-200.
• Agustina, M. and Abd Majid, M.S., 2021. Islamic Bank amid the 2018 Global Financial Crisis: A Bibliometric Analysis. Library Philosophy and Practice, pp.1-25.
• Kumar, A., Mangla, S.K. and Kumar, P., 2022. An integrated literature review on sustainable food supply chains: Exploring research themes and future directions. Science of the Total Environment, 821, p.153411.